“Digital payment market”
Different analyzes and surveys have concluded that the healthcare sector is going to play a significant role in the overall resurgence of the digital payments market.
Overview of the digital payment market
The Global digital payment market trends are expected to grow from USD 88.1 Billion in 2021 to USD 180.2 Billion by the end of the current forecast period in 2028. The global market is expected to grow at a CAGR of 15.4% during the forecast period. The digital payment market is expected to grow, driven by global initiatives to promote digital payments, high proliferation of smartphones enabling the growth of mCommerce, rising e-commerce sales and growing penetration of Internet.
The outbreak of the COVID-19 pandemic has had a significant impact on operations in a few key sectors, such as manufacturing, logistics, hospitality, transportation, healthcare and retail, and has moderately impacted a few sectors which include IT and telecommunications, followed by others such as energy. and public services, government, education and BFSI. The pandemic outbreak has accelerated the adoption of contactless and wallet payments. However, some of the wallet service providers have increased their fees for merchants and consumers, leading to merchants not accepting their wallets for transactions.
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Countries around the world will implement ICT technologies to promote digital economies. The digital payment market is one of the major growth imperatives for a country’s economy due to the wide adaptability and convenience offered. It helps boost productivity and economic growth, improve transparency, increase tax revenue, expand financial inclusion, and unlock new economic opportunities for end users. For example, the Indian government has launched various initiatives to help promote digital payments. Initiatives such as Digital India, the launch of the Unified Payment Interface (UPI) and the helpline number 14444 are acting as catalysts for the transition to the digital payment market.
Segmentation of the digital payments market
The digital payments market comprises the following segments and sub-segments to increase market share and improve the market’s ability to meet the growing needs of the global target audience. The segments and their sub-segments are as follows:
Digital Payment Market by Component
- Payment gateway solutions
- Payment processing solutions
- Payment Wallet Solutions
- Payment security and fraud management solutions
- Point of Sale (POS) Solutions
- Professional services
- Support and maintenance
- Managed Services
By type of deployment
Digital Payments Market by Organization Size
- Small and medium enterprises
- Large companies
- Banking, financial services and insurance
- Retail and e-commerce
- Health care
- travel and hospitality
- Transport and logistics
- Media and entertainment
- Other verticals
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Regional Analysis of the Digital Payments Market
The global digital payment market covers 5 major geographical regions, namely North America, Asia-Pacific (APAC), Europe, MEA, and Latin America. The APAC region is expected to experience the highest growth rate. These countries in the region have undertaken major initiatives to improve the payments industry. For example, Asian Payments Network (APN) is a group of 11 Asian countries, including the Philippines, China, Singapore, Malaysia, Thailand, Vietnam, Indonesia, South Korea, Japan, New Zealand and Australia, to promote cross-border banking. transaction in the region.
According to information provided by the Central Statistics Office (CSO), by 2021, losses incurred due to cyberattacks will reach $6 trillion per year, up from $3 trillion in 2015. Additionally, according to the Association for Financial Professionals (AFP) 2020 Payments Fraud and Control Investigation Report, in 2019, more than 81% of organizations experienced cyberattacks globally. Thus, the growing number of cyberattacks is expected to slow due to the adoption of digital payment services. Additionally, according to the 2018 AFP Payments Fraud and Control Survey report, more than 86% of organizations have experienced cyberattacks. Thus, the increase in cyberattacks is expected to slow the adoption of digital payment solutions and services.
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